Shares of this small-cap electric bus manufacturing company rallied over 15% today!
Yesterday, the company announced that it has entered into a partnership with Reliance.
The shares of Olectra Greentech Ltd are buzzing on the bourses today. As of 3.09 pm, the shares of the company are trading higher by 18%. Today, the company reported a spurt in trading volume by more than 6.34 times. Owing to this, the stock is one of the top gainers on BSE from Group A.
Meanwhile, the frontline index S&P BSE Sensex is down by 0.22%.
Why the rally?
Yesterday, the company announced that it has entered into a partnership with Reliance. Olectra, in association with technology partner Reliance, has developed a Hydrogen bus. With this, the company is set to offer the next-generation transport system to the Indian market.
Characteristics of the hydrogen bus
The Hydrogen bus is a fully carbon-free alternative to traditional public transportation. The 12-metre low-floor bus has a customisable seating capacity of between 32 to 49 seats for passengers + one driver seat.
A single hydrogen fill allows the bus to travel up to 400 km. Hydrogen for this range coverage takes just about 15 minutes. When it comes to emissions, these buses generate only water as tailpipe emissions. This is the main unique selling proposition for phasing out old diesel and petrol systems and replacing them with these green buses.
Olectra Greentech Limited (Olectra) is a manufacturer of Electric Buses and insulators. The company has manufacturing facilities in Hyderabad, India. Olectra is India’s first-ever electric bus manufacturer that has manufactured and deployed all variants of Electric Buses in India. A part of the S&P BSE SmallCap index, the company is a subsidiary of MEIL Group.
After leading in the commercial run of electric buses, the company is expanding its product line in the e-mobility segment for 3-wheeler electric autos and electric trucks. Olectra’s vision to support the environment has led to a new phase by developing Innovative solutions for society. As a part of its mission, Olectra embraced its growth path into new-age green technology.
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